EU discusses commercial opportunities in field of hydrogen in ‎the Kingdom

European Union countries, represented by the Commission for Trade and Economic Affairs, are studying with the countries of the Gulf Cooperation Council to enhance cooperation in the field of hydrogen as a green fuel for the future, due to the capabilities of the Gulf countries in producing hydrogen, said Dr. Thomas Jorgensen, Minister Plenipotentiary and Head of the Commercial and Economic Affairs Department. With the European Union Delegations to Saudi Arabia, Bahrain and the Sultanate of Oman, “The establishment of a global and regional hydrogen economy is gaining momentum not only in the European Union, but the GCC countries are also intensifying their efforts to develop, produce and use hydrogen as a carrier of sustainable energy indicating that this increase is driven by several factors, including technological progress, increased demand for clean energy, and increased awareness of the urgent need to address climate change.

For his part, Jitendra Roychodhuri, representative of the King Abdullah Petroleum Studies and Research Center (KAPSARC), said that there is a clear picture of the hydrogen production capabilities in the Kingdom of Saudi Arabia and the European Union’s import needs, and how the convergence of these factors can stimulate the establishment of profitable business partnerships. ,

This discussion was held on Wednesday in the capital, Riyadh, on the sidelines of the dialogue project between the European Union and the Gulf Cooperation Council countries on economic diversification, as a platform to explore the huge potential and comprehensive impact of green hydrogen as an engine for sustainable development and reducing carbon emissions.

The GCC countries occupy an advanced position in the future hydrogen market. These countries have made plans to develop the hydrogen market, particularly Saudi Arabia, Oman and the United Arab Emirates. This makes the region an attractive partner for the European Union. The European Green Deal and the EU’s hydrogen strategy focus on the need to strengthen international cooperation in hydrogen technology and stress future import requirements.

Alessandro Polito, Policy Officer at the European Commission, Directorate-General for Energy, emphasized the EU’s hydrogen strategy and the international dimension of the EU’s hydrogen market. His insights on the H2Global green hydrogen project and the European Hydrogen Bank highlighted unique trade and investment opportunities, attracting significant interest from participants.

Eng. Abdel Rahman Mohamed Abdel-Aal, Executive Director of the Green Hydrogen Project at ACWA Power, gave an interesting view of ACWA Power’s pioneering journey in producing sustainable hydrogen. He also talked about hydrogen production opportunities and trade opportunities in the GCC countries and Saudi Arabia as new paths for business growth.

It is noteworthy that the project of dialogue between the European Union and the Gulf Cooperation Council countries on economic diversification is a project funded by the European Commission, and the project contributes to strengthening relations between the European Union and the Gulf Cooperation Council countries in the context of the ongoing economic diversification process away from sectors dependent on hydrocarbons. In the countries of the Gulf Cooperation Council, including the financing of regular business forums between the European Union and the countries of the Gulf Cooperation Council

The purpose of this project is to promote climate-friendly trade and policy analysis related to investment and economic affairs, as well as dialogue and cooperation between EU and GCC stakeholders at the regional and country levels in the context of the GCC economic diversification process.